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Distressed home sales continue to decline

Posted by Mehran Aram on Thu, May 9, 2019 @ 06:05 AM

Bank owned sales, third-party foreclosure auctions and short-sales continue to decline on an annual basis, according to a new report. ATTOM Data Solutions’ Q1 2019 Home Sales Report shows that total distressed home sales accounted for 14.2 percent of all single-family and condo sales last quarter. This is down from 15.2 percent a year ago.

Distressed properties can often be bought at far below market range and are a popular choice for investors looking to “flip” homes.

With increased home values and low mortgage rates, buyers have been able to fend off foreclosures and short-sales, keeping distressed properties on the market at their lowest point in years.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: foreclosures, Mortgage rates, distressed property sales,, ATTOM Data Solutions, distressed home sales, Bank Owned Sales, foreclosure auctions, Distressed Properties

ARAMCO Report - Friday May 22, 2015

Posted by Mehran Aram on Fri, May 22, 2015 @ 14:05 PM

Foreclosure rates fall to their lowest level since 2008

The national inventory of home loans in foreclosure continues its decline and is now near pre-crisis levels according to Black Night Financial. Their preliminary report on April’s housing situation released on 5/22/15 showed that the percentage of loans in some stage of foreclosure, nationally, fell 25.5 percent from April 2014 to April 2015 or down to 1.51 percent of total loans. That is the lowest it has been since January of 2008. 

Black Knight also showed that foreclosure starts dropped 22 percent from March 2015 to April falling to 73,500, which is 7 percent lower than one year ago.

April’s low foreclosure rate is a good indicator of the general health of the US housing market. Low foreclosure rates also directly correlate to decreased distressed property sales, so the pre-crisis levels of foreclosures correlate low investor activity. That means that homeowners buying and selling their primary residences are driving the strong sales figures that are being seen in San Diego and elsewhere in the nation.

Potential homebuyers people currently looking to refinance will find current mortgage rates are near all-time lows with conforming no point 30-year mortgage rates averaging 3.875 percent while 15-year rates are averaging 3.125 percent.

Topics: Housing Market, 30 year fixed rates, foreclosure, Housing, housing recovery, foreclosure inventory, distressed property sales,